IEA Chief Warns of Biggest Energy Crisis in History
The conflict involving Iran, the United States and Israel has escalated into the biggest energy crisis in history, according to International Energy Agency (IEA) chief Fatih Birol.
In an interview with France Inter, he said the current turmoil is even more severe than previous oil shocks and gas shortages linked to Russia.
A central issue is disrupted transport through the Strait of Hormuz, a route for about one-fifth of global oil and liquefied natural gas supplies. The situation is further compounded by the effects of Russia’s war against Ukraine, which has already curtailed gas flows to Europe.
Birol also argued earlier this month that current tensions in energy markets are worse than the crises of 1973, 1979 and 2022 combined.
The IEA said in March it had released a record 400 million barrels of oil from strategic reserves to help dampen rising prices.